What’s new: A former vice chairman of financial conglomerate Ping An Insurance (Group) Co. of China Ltd., Ren Huichuan, has been named an in-house adviser to tech giant Tencent Holdings Ltd.
A source close to Tencent told Caixin that Ren will participate in developing internet insurance for Tencent’s fintech platform, a relatively weak link of the business.
What’s the background: Tencent’s fintech projects are currently scattered across different management teams. For example, WeChat Pay is run by the WeChat team, while Weilidai, an online consumer loan product, is managed by Qianhai WeBank Co. Ltd. with Tencent being the largest shareholder.
Tencent’s “Tencent Financial Technology” platform was set up in 2015 to consolidate the company’s financial businesses. It currently provides payment services, wealth management, and other financial services.
Ren held various managerial positions at Ping An including in trusts and asset management before he resigned due to “personal health reasons” in March, according to a company statement.
Related: Tencent Q4 Profit Rises 52% on Growing International Games, Fintech Businesses
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)
